Abu Dhabi authority to promote transparency
Abu Dhabi: President His Highness Shaikh Khalifa Bin Zayed Al Nahyan has issued a law setting up an accountability body for Abu Dhabi, WAM reported on Saturday.
The main goal of the new entity is to increase accountability and transparency in Abu Dhabi government agencies and business units in which the government has a substantial interest, WAM said.
The creation of the new body follows Shaikh Khalifa's call in his National Day speech to increase accountability and improve governance.
In his capacity as the Ruler of Abu Dhabi, the President issued law No. 14 of 2008 establishing the Abu Dhabi Accountability Authority as an independent corporate body that will replace the Financial Control Authority and report directly to the Crown Prince of Abu Dhabi.
Safeguard for employees
The new entity also aims to ensure accuracy of financial reports. It will seek to ascertain that the management, collection and disbursement of funds of the various agencies it oversees are carried out in an efficient and transparent manner.
The new body also places restrictions that prevent any other authority from sacking its key employees.
The law issued by Shaikh Khalifa yesterday clearly defines objectives of the agency and power of its chairman and employees.
The new authority has the power to audit and approve the annual budgets and seek reports on the performance of local departments, local councils and authorities.
What is your view on the decision for an accountability authority? Do you think this will help improve transparency in the sector? Fill in the form bellow to send your comments.
Financial accountability is a vital and generous attitude towards transparency on revenue. The audit on financial sector for each quarter will reflect clear picture of outstanding or bad performance of the sector. This will help the performance evaluation of the top executives and the calculation of their achievements on pro-rata basis. This exercise will always help the workers who are normally victimised on any disaster. It is mandatory to publish the balance sheets and should be available to each worker through the company news letter for transparency. A commendable administration should be evaluated every six months and published to the public for each sector for the clear transparency of truthful performance. This will boost the stock exchange performance. Reliability is the evidence of truthful performance and progress.
Raj
Dubai,UAE
Posted: December 21, 2008, 14:14
Accountability and transparency plays a great and important role in governance. This acts as the measure of checks and balances. It also helps strengthen and consolidate the institutions and working of the government agencies to discharge able, efficient and sound governance. This fosters the progress of the state and its objectives in a true and focussed manner. The leadership deserves a lot of praise for this valuable and wise initiative.
Jerome Quadros
Abu Dhabi,UAE
Posted: December 21, 2008, 11:32
This is brilliant! UAE needs transparency and accountability on sensitive assets. Audit with an intent to ensure assets are safeguarded and expenses legitimate and fluid, shall help build confidence with all affiliated to Abu Dhabi in whatever shape or form.
Ryan
New York,USA
Posted: December 21, 2008, 10:55
I am a finance manager and I think this is a great job. With these internal controls, things will change and it will stop others from manipulating or any further coming fraud. I would support such an initiative and would help out in every way I can.
Zubair Usman
Dubai,UAE
Posted: December 21, 2008, 09:40
The move for transparency was worthy in relation to the current financial crisis. It is President His Highness Shaikh Khalifa Bin Zayed Al Nahyan's responsibility to the people to take charge and assure their future despite the predicament of the economy of the world. With regards to transparency, the accountability sector is a progress and will only succeed if the people under such assemblies are one with the Shaikh's aim.
Joy Mangubat
Dubai,UAE
Posted: December 21, 2008, 08:04
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